I must admit that the cable looks terrible to me but someone who started trading it even before I did (so pre 1986!) reckons that its a raging buy and that we will be back at 1.60 by the end of next week! He’s undoubtedly talking his position but these old dinosaurs do have a good feel for the market so they are not to be totally ignored.
(Very sad side note: Many of you in the Sydney interbank market will know that one of our circle has been very ill these past 18 months and he finally succumbed to the insidious disease over the weekend. Rest in peace JB old friend, one of the truly nicest guys in the market).